Long-Term Care:

The biggest threat to Americans' wealth.

Do I need Long Term Care Insurance?? Ask yourself:

Am I concerned about preserving my financial independence?

Long term care insurance can help you preserve your independence by providing you with a steady income in the event of a long term illness or recovery from an accident. The cost of in-home care, nursing home, or an assistant living facility is costly and can result in the depletion of your accumulated wealth and income. This can be devastating to you and your family. Long term care provides the assistance necessary for you to remain financially independent despite these costs.

How likely is it that I will need long term care?

Americans are living longer today then ever before. Because of advanced medical technology and the use of preventive care and healthier lifestyles, seniors are now faced with a new challenge: not outliving their resources.

Living longer is a positive advancement, however, it may mean that your chances for needing care are much greater. At age 65, your chances for needing long term care -- and possibly entering a nursing home facility at least once in your lifetime -- is greater than 50%.

Is purchasing long term care a good financial investment?

The national average for nursing home care is over $60,000 per year, and varies according to location. When you buy long term care insurance, you are transferring the risk of depleting your assets to the insurance company you choose.

Premiums for LTC vary depending upon age, health and the amount of coverage you seek. Long Term Care insurance is customized to fit your budget, and the type and duration of coverage.

Do I want to protect myself against the possibility of becoming a burden to my loved ones?

The Federal Trade Commission (www.ftc.gov) estimates that nearly one in four American households (22.4 million) is now providing care to a relative or friend age 50 or older or has provided care during the previous 12 months. By planning ahead and asking the right questions, you can protect your own assets as well as your children's.

Do I have assets that would be difficult to liquidate in the event of a financial emergency that lasted more than three months?

If you do not have liquid assets or access to financial assistance if a medical emergency lasted more than a few months, you are taking a great risk of incurring a lot of debt, thereby putting yourself in a troublesome situation.

Many people erroneously think that Medicare or Medicaid will take care of them. If you are counting on Medicare or Medicaid to help you out, please go to our MEDICARE section and familiarize yourself with Medicare limitations regarding long term care, and Medicaid requirements to spend down your assets to a certain level before becoming eligible for this aid.

Are there alternatives to Long Term Care insurance?

Yes. Today there are several alternative type investments which will provide long term care coverage. Some life insurance policies contain access to long term care benefits. Additionally, there are "Medicare friendly" annuities, Medicaid annuities, and long term care annuities.

Call our office for more information.

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